Metro Atlanta Real Estate Update for October

  • Closings for Metro Atlanta in August were down 16.9% compared to last month and down 2.5% compared to the previous year.  This reflects the normal seasonal slowing for the fall.
    Click here for a detailed report.
  • The Metro Atlanta market is 50 units ahead of 2013 closings.  If you exclude the heavy volumes of investors buying properties under $100,000 last year, the market above $100,000 is actually up 3084 units compared to 2013.  The largest segment is $200k – $500k.
  • The average sales price was $253,000 in September versus $256,000 in August.  The average closed sale price for the full year was $250,000 which was up 42% from the bottom of 2011.
  • Listed inventory was down .3% from last month and up 18.2% compared to last year.  Inventory is up 50% from the recent bottom of February 2013.  But the limited availability of highly desirable properties in select markets is still driving multiple offers and very quick sales. Remember, real estate is local and markets are different.
  • Months of supply is 5.2 months versus 4.4 last month.  Six months is considered normal.
  • New Homes are making a comeback.  The problem is that many builders cannot build them fast enough!  At the peak of 2006, we were building over 60,000 new homes per year.  Today, we are on pace to build around 18,000 new homes in 2014 and we expect to get to the 20,000 unit run rate by 2015.  Click here to view new home communities.

We are providing this data to keep you informed about the latest trends and issues in the real estate market.  Remember that real estate is local and every market is different.  Contact us at info@petersenpartners.com to find out exactly what is happening in your local area.  Better information helps our clients make better real estate decisions!

Posted in RE News.

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